FTC Clears Bristol-Myers' $74B Celgene Buy With Drug Sale

Law360 (November 15, 2019, 10:05 PM EST) -- The Federal Trade Commission has accepted Bristol-Myers Squibb Co.'s plan to divest one of Celgene Corp.'s most lucrative drugs, giving the pharmaceutical companies the green light to proceed with their $74 billion merger, the commission said Friday.

The companies agreed to offload Celgene's anti-inflammatory drug Otezla — a rising star in the market for psoriasis treatments — for $13.4 billion, making it the largest proposed divestiture the FTC or the U.S. Department of Justice has ever required in a merger, the commission said in a statement.

The companies now expect to close on the transaction Nov. 20, Bristol-Myers said Friday....

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